SUFFOLK, Va. and RALEIGH, N.C., Aug. 19, 2025 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) and Raleigh based Dogwood State Bank (OTCQX: DSBX) (“Dogwood”), today announced the signing of a definitive merger agreement pursuant to which TowneBank will acquire Dogwood State Bank. The proposed transaction substantially enhances TowneBank’s strategic journey down the fast-growing Interstate 85 corridor from Richmond, Virginia to Greenville and the upstate region of South Carolina. The bank’s current market position will be expanded in Raleigh, Greensboro-Winston Salem, Greenville, and Charlotte, North Carolina. Additionally, the merger will increase the bank’s footprint along the Eastern North Carolina coast from the Outer Banks to also include Morehead City, Greenville, Fayetteville, and Wilmington along with a new location in beautiful and historic Charleston, South Carolina.
Related Questions
How will the acquisition affect TowneBank’s earnings per share and revenue guidance?
What are the expected synergies and cost savings from combining TowneBank and Dogstone State Bank, and when will they be realized?
Will the merger face any regulatory hurdles or shareholder approvals that could delay or impact the transaction?